Finance
UK Pension Investor Nest to Oppose Bp Chair's Re-Election
Published by Global Banking & Finance Review®
Posted on April 22, 2026
2 min readLast updated: April 22, 2026
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UK pension investor Nest will oppose BP Chair Albert Manifold’s re‑election at BP’s AGM, citing board actions that undermine shareholder engagement and transparency.
Nest to Vote Against BP Chair Amid Concerns Over Shareholder Engagement
UK Pension Investor Challenges BP Governance and Shareholder Rights
By Simon Jessop
Background to Nest's Opposition
LONDON, April 22 (Reuters) - UK pension investor Nest plans to oppose the re-election of BP Chair Albert Manifold at the company's annual meeting on Thursday, it said on Wednesday, citing board actions that it said risked limiting shareholder engagement.
Shareholder Resolution Exclusion
Those include the exclusion from the meeting of a shareholder resolution proposed by activist Follow This, asking for more disclosure on how BP's strategy would stand up under scenarios of declining demand for oil and gas.
Retirement of Climate Reporting Resolutions
Other steps include a move to retire two previous resolutions requiring company-specific climate reporting, backed by more than 97% of shareholders, and a proposal for virtual AGMs, which could reduce transparency and oversight, Nest said.
Investor Expectations and Governance Concerns
"Investors look to the Chair to safeguard governance and shareholder rights. In this instance, that expectation has not been met," said Diandra Soobiah, director of responsible investment at Nest.
Nest's Stake in BP
Nest held about 40.5 million pounds ($54.7 million) in BP stock at the end of March.
BP's Response to Investor Concerns
"Following extensive engagement with our largest investors we are fully focused on building a simpler, stronger and more valuable BP. That's why we are making these recommendations, to provide transparent, standardised disclosures that support clear comparisons across companies," BP said in a statement.
Exchange Rate Information
($1 = 0.7406 pounds)
(Reporting by Simon JessopEditing by David Goodman)
Key Takeaways
- •Nest opposes Manifold’s re‑election due to exclusion of a climate resolution and proposals reducing transparency (virtual‑only AGMs, retiring climate reporting).
- •BP’s actions follow a wider backlash: other investors (LAPFF, Railpen, Border to Coast) and proxy advisers recommend voting against the chair and governance proposals.
- •Norway’s sovereign wealth fund, however, backs Manifold and board resolutions, reflecting divergence among major shareholders.
Frequently Asked Questions about UK pension investor Nest to oppose BP Chair's re-election
1What shareholder resolution was excluded from BP's AGM?
A resolution by activist group Follow This, requesting more disclosure on BP's strategy under declining oil and gas demand, was excluded.
2What other governance concerns did Nest raise about BP?
Nest raised concerns about the retirement of two climate reporting resolutions and a proposal for virtual AGMs, which could reduce transparency and oversight.
3How much BP stock does Nest hold?
Nest held approximately £40.5 million ($54.7 million) in BP stock at the end of March.
4What is BP’s response to Nest's concerns?
BP stated it is focused on transparent, standardized disclosures to support clear comparisons across companies, following extensive engagement with major investors.
